Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of components of income tax expense

	2024		2023
(dollars in thousands)
Current income tax expense:
Federal	$	—	$	128
State		(110)		28
Total current tax expense		(110)		156
Deferred income tax expense:
Federal		(320)		(59)
State		(95)		(25)
Total deferred tax expense		(415)		(84)
Total Income tax expense	$	(525)	$	72

Schedule of reconciliation of income tax expense

	2024		2023
(dollars in thousands)
Income tax expense at federal statutory rate	$	(134)	$	315
(Decrease) increase resulting from:
Tax-exempt income		(192)		(212)
Bank owned life insurance		(37)		(34)
State income taxes, net of Federal income tax benefit		(162)		3
Total income tax expense	$	(525)	$	72

Schedule of components of the net deferred income tax benefits

	2024		2023
(dollars in thousands)
Deferred income tax benefits:
Accrued deferred compensation	$	91	$	89
Allowance for credit losses		676		480
Accumulated depreciation		(18)		(12)
Accrued Liabilities		75		110
Reserve for unfunded commitments		161		130
Accounting standard 310-20		(174)		(151)
Right of use asset		(13)		(58)
Lease liability		13		58
Accumulated securities discount accretion		283		272
Net operating loss carryforward		239		—
Net unrealized depreciation on investment securities available for sale		7,215		6,979
Net deferred income tax benefits	$	8,548	$	7,897